Wrapped Bitcoin (WBTC) Market Update
Wrapped Bitcoin (WBTC) continued to trade near its 52‑week low on 29 January 2026, closing at USD 83,898.60. The token’s market capitalization was reported at USD 10,494,374,877.54. The asset remains within the range of its 2025 high of USD 125,777 (10 May 2025) and low of USD 74,486.40 (6 April 2025).
Significant Whale Activity
A large transaction was recorded on 31 January 2026 involving a major Ethereum holder. According to a report from cryptopanic.com, an account associated with the Binance platform (identified as square.binance.com) executed a conversion of WETH to WBTC worth approximately USD 9.06 million. This move represents a substantial shift of liquidity from the wrapped Ethereum token to wrapped Bitcoin, indicating a potential reallocation of capital within the DeFi ecosystem.
Key points of the transaction:
- Asset exchanged: 9.06 million USD worth of WETH was sold and converted into WBTC.
- Platform involved: Binance, as indicated by the transaction identifier
ETHWBTCWETHA. - Implication: The transaction suggests increased demand for WBTC among large holders, possibly reflecting a broader market sentiment that favors Bitcoin exposure within the Ethereum‑based DeFi space.
Market Context
- Price trend: WBTC’s price remains close to the 52‑week low, showing limited upside potential at present.
- Liquidity: The large conversion may enhance the liquidity of WBTC on Ethereum‑compatible exchanges, potentially reducing slippage for traders.
- Capital flows: The transaction is part of a broader pattern of capital movement across major cryptocurrencies, as seen in recent activity involving Solana, Ripple, and other tokens on the same day.
Conclusion
The conversion of over nine million dollars of WETH into WBTC by a significant Ethereum holder highlights ongoing cross‑chain asset reallocation. While WBTC’s price has not yet recovered from its 2025 low, the influx of liquidity could influence trading dynamics and support a more efficient market for wrapped assets on Ethereum.
